Financial services is a broad category that includes thousands of depository institutions, providers of investment products, insurance companies and other credit and financing organizations. The sector also includes the critical financial utilities that support these functions.
There are many ways to work in financial services, but it can be difficult to know exactly where you fit in. Some job titles are obvious (investment banker, loan officer) while others may not be so clear cut.
When you hear the term “financial services,” it’s easy to think of things like banking or real estate. But that’s not entirely accurate.
One of the first things to understand about financial services is that it’s a broad sector, touching everything from banks and brokerage firms to nonprofits.
The next thing to know is that you don’t have to be a banker or an insurance agent to work in this industry.
You can be an account manager at a small community bank, or you could be an investor with a hedge fund. What’s important is that you work in a financial service, which means you’re helping people manage their money or make investments.
Those who specialize in investing are often called financial planners, and they can offer guidance on retirement planning, wealth management or other types of financial strategies. This career path can be extremely lucrative and challenging.
As a result, it’s important to consider what type of role you want in the financial services industry before making a decision about where to start your career.
Financial services is an exciting, fast-paced industry where you’ll be able to develop a variety of transferable skills. If you have a background in a technical field and you’re interested in combining your knowledge with business and finance, then financial services may be the perfect path for you.
It’s an international industry, which means you can travel a lot without having to relocate. There are even some firms that allow you to work remotely if you need to.
A strong financial services sector can be a huge help to a country’s economy, increasing consumer confidence and purchasing power. A weak sector can lead to economic decline and decrease the quality of life for a nation’s citizens.
Professionals in the financial services sector report high job satisfaction, and most are happy with their current position. They also report feeling that their employer values them and supports them at work.
Pay in the financial services industry isn’t large, but it’s competitive and you can expect to earn a higher salary after a few years in any role. Typically, you won’t find bonuses in this industry, but you’ll likely be promoted based on your performance.
Depending on the financial services firm you work for, you may be able to move around internationally. This can be a very appealing option for those who have families and wish to continue traveling with their jobs.
The financial services industry is a great place to build a successful and long-term career. You can choose from a vast variety of roles, and you’ll learn valuable interpersonal skills that can be transferred to any position.